Warren, Wyden, Van Hollen Seek Answers from OCC on Ability to Limit Trump’s Financial Conflicts of Interest
“The launch of a stablecoin directly tied to a sitting President who stands to benefit financially from the stablecoin’s success is itself an unprecedented conflict of interest presenting significant threats to our financial system.”
“As Comptroller of the Currency, you are responsible for ensuring the stability of our banking system and are now responsible for implementing provisions of the GENIUS Act.”
Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Ron Wyden (D-Ore.), Ranking Member of the Senate Finance Committee, and Chris Van Hollen (D-Md.), Member of the Banking Committee, sent a letter to Comptroller of the Currency Jonathan Gould requesting information about the steps he is taking to insulate the agency from President Trump’s financial conflicts of interest—especially in light of the the Office of the Comptroller of the Currency's (OCC) new responsibilities following the passage of the GENIUS Act.
“By using USD1 to finance the MGX-Binance deal, a foreign government-backed entity (MGX) and a foreign corporation that pleaded guilty to criminal violations of U.S. anti-money laundering and sanctions laws (Binance) effectively cut President Trump and his family into the deal to the tune of potentially hundreds of millions of dollars in a highly publicized transaction – advertising a staggering model for corruption,” the Senators wrote. “President Trump’s foray into stablecoins came as Congress was considering stablecoin legislation that would enhance the OCC’s oversight of the stablecoin market. The Senate and House have since passed the GENIUS Act, which establishes the OCC as the primary regulator of federally licensed stablecoin issuers. President Trump signed it into law on July 18, 2025.’
The Senators continued: “Taken together, the passage of the GENIUS Act and the President’s Executive Order raises serious concerns that President Trump could block OCC actions that reduce the profitability of his stablecoin project, or direct the OCC to take actions that are favorable to WLF–or that, even absent direction, the OCC could feel pressure to do so–regardless of the expense or the impact of these interventions on the economy and the financial system.”
To ensure the OCC is prepared to act independently and uphold its mandate, the Senators requested a response from Comptroller Gould detailing how he will safeguard the agency’s work from presidential interference and prevent Trump’s financial entanglements from shaping regulatory outcomes.
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